mid-term-mark201-fall-2021

Downloaded by David Bensoussan (david.m.bensoussan@gmail.com) Mid-term MARK201 Fall 2021, no answers/practice Introduction to Marketing (Concordia University) Scan to open on Studocu Studocu is not sponsored or endorsed by any college or university

Downloaded by David Bensoussan (david.m.bensoussan@gmail.com) M ID - TERM EXAM J OHN M OLSON S CHOOL OF B USINESS F ALL 2021 MARK 201 - Section B I NTRODUCTION TO M ARKETING You have two (2) hours to complete the exam. All exams must be saved in PDF as “YOUR NAME_Midterm_201” and submitted via Moodle by 4:45 pm on Friday Oct 22. Please indicate your answers in the document below and save it in PDF. The exam consist of two (2) sections. Plan you time accordingly. SECTION 1 - MULTIPLE CHOICE & TRUE OR FASLE QUESTIONS (70 points, 30 point per correct answer) 1) Marketing, more than any other business function, deals with . A) customers B) sales C) advertising D) new products E) brands Answer: a 2) are defined as states of felt deprivation. A) Needs B) Ideas C) Demands D) Values E) Exchanges Answer: a 3) Consumers' needs and wants are fulfilled through . A) value B) demand C) desire D) market offerings E) ideas Answer: d

Downloaded by David Bensoussan (david.m.bensoussan@gmail.com) B) Selling Concept

Downloaded by David Bensoussan (david.m.bensoussan@gmail.com) C) Marketing Concept D) Product Concept E) Production Concept Answer: a 9) Customer-driven marketing is most effective when . A) a clear need exists among customers, but the need is difficult to identify B) customers do not know what they want but are easily persuaded C) customers seek new products and technological innovations D) clear needs exist and customers know what they want E) customers have wants but cannot afford them Answer: d 10) refers to a channel stretching from raw materials to components to final products that are carried to final buyers. A) A supply chain B) A marketing channel C) A market segment D) A demand chain E) A marketing-mix channel Answer: a 11) An organization's mission statement should emphasize its intentions toward customers and the customer experience the organization seeks to create. TRUE or FALSE? Answer: t 12) "At Dodson, we sell shoes" is a market-oriented business definition. TRUE or FALSE? Answer: f 13) "At CL Online, we create customer connectivity, anytime, anywhere" is a product- oriented mission statement. TRUE or FALSE ? Answer: f

Downloaded by David Bensoussan (david.m.bensoussan@gmail.com) B) develop C) resist D) encourage E) favour Answer: c 20) When considering managing marketing strategies and the marketing mix, the core of this ap- proach is all about creating customer value and profitable customer relationships. Which series of factors are immediately next to the customer (from middle of circle to the outside)? A) Suppliers, Marketing intermediaries, Competitors, Publics B) Place, Promotion, Price, Product C) Segmentation, Targeting, Differentiation, Positioning D) Marketing: analysis, planning, implementation, control E) Market Penetration, Diversification, Market Growth, Product Growth Answer: b 21) Demographic, economic, natural, technological, political, and cultural forces form the of an organization. A) supply chain B) macroenvironment C) marketing intermediary network D) internal environment E) microenvironment Answer: b 22) are distribution channel firms that help a company find customers or make sales to them. A) Resellers B) Suppliers C) Producers D) Logistics firms E) Credit companies Answer: a 23) The town of Genter recently witnessed a devastating hurricane that crippled the town's infra- structure. Q-Mart, a retail chain that plans to open a new retail store in Genter, organizes a pro- gram to help the people of Genter. The program consists of providing free meals to those who lost their dwellings in the hurricane. What section of the marketing microenvironment is Q-Mart most likely trying to reach? A) suppliers B) marketing intermediaries C) local publics

Downloaded by David Bensoussan (david.m.bensoussan@gmail.com) D) competitors E) employees Answer: c 24) markets consist of individuals and households that buy goods and services for per- sonal use. A) Consumer B) Business C) Government D) Wholesaler E) Retailer Answer: a 25) A public is any group that has an actual or potential interest in or impact on an organization's ability to achieve its objectives. TRUE or FALSE ? Answer: t 26) Which of the following generational groups accounts for 25 percent of the Canadian popula- tion but still controls the highest spending power of any age cohort? A) Millennial B) Generation X C) Generation Z D) baby boomer E) Lost Generation Answer: d 27) Which of the following is most likely a true statement about generational groups in Canada? A) The millennials account for nearly half of all discretionary consumer spending in Canada. B) Generation Xers are the most educated generation to date. C) The baby boomers comprise the poorest segment of the population. D) Generation Xers form the largest segment of the population. E) The millennials are the most financially secure generation. Answer: b 28) Companies have responded to consumers' back-to-basics sensibility in their lifestyle and spending patterns through . A) frugal marketing B) value marketing C) quality marketing D) diverse marketing E) prestige-oriented marketing Answer: b 29) Changes in variables, such as income, cost of living, interest rates, and savings and borrow- ing patterns most likely reflect changes in the environment of a company.

Downloaded by David Bensoussan (david.m.bensoussan@gmail.com) Answer: c 35) Which of the following is an advantage of primary data? A) They are less expensive to obtain than secondary data. B) They can be obtained more quickly than secondary data. C) They can be accessed from existing information. D) They are more relevant than secondary data. E) They are more reflective of past problems. Answer: d 36) Which of the following is a quantitative approach to research? A) observational research B) online focus groups C) ethnographic research D) in-depth interviews E) marketing surveys Answer: c 37) CRM analysts use big data and marketing analytics to unearth patterns in customer data. TRUE or FALSE? Answer: t 38) Susan Hart, the manager of a children's boutique, collects data from her monthly records of sales, costs, and cash flow. In this case, Susan is making use of databases. A) external B) secondary C) historical D) internal E) dialog Answer: d 39) Which of the following is true of competitive marketing intelligence? A) It can predict a firm's future but not the pattern of forces in the market. B) It cannot be collected from internal sources of a firm such as employees and the sales force. C) It requires inside information from a competitors' internal database. D) It can be obtained from information that is available in the public domain. E) It can be obtained from online databases only through subscription and a fee. Answer: d 40) Which of the following statements regarding marketing intelligence is true? A) Marketing intelligence typically involves sensitive and confidential information kept out of the public domain. B) The advantage of using competitive intelligence is negligible as it is based only on internal

Downloaded by David Bensoussan (david.m.bensoussan@gmail.com) sources of data. C) All marketing intelligence inputs are available at no cost to any potential users. D) Marketing intelligence is the systematic collection, monitoring, and analysis of publicly avail- able information. E) Marketing intelligence efforts are more focused on gaining insights into a firm's consumers rather than its competitors. Answer: d 41) A child in Canada is exposed to many values including freedom, the beauty of our natural landscape, our belief in respect, equality, and fair treatment; family life; and being Canadian. These are symbolic of Canadian . A) subculture B) culture C) society D) perceptions E) expectations Answer: b 42) Subcultures include . A) nationalities. B) religions. C) racial groups. D) geographic regions. E) All of the above Answer: e 43) Which of the following is a personal factor that influences a consumer's buying behaviour? A) life-cycle stage B) motivation C) status D) family E) social networks Answer: 44) A marketing firm has been assigned the task of watching trends in spending, personal in- come, savings, and interest rates. The marketing firm is most likely gathering information about consumers' . A) social network usage rates B) economic situations C) occupational needs D) purchasing perceptions E) brand affiliations

Downloaded by David Bensoussan (david.m.bensoussan@gmail.com) A) Latent innovators B) Early adopters C) Early mainstream adopters D) Lagging adopters E) Late mainstream adopters Answer: 51) is the process of dividing a market into distinct groups of buyers who have differ- ent needs, characteristics, or behaviour. A) Differentiation B) Mass marketing C) Market targeting D) Market segmentation E) Positioning Answer: 52) Lilly's, a furniture retailer, sells low-end furniture and accent pieces that are targeted toward lower-income consumer groups. Lilly's most likely segments the consumer market based on variables. A) demographic B) psychographic C) universal D) geographic E) behavioural Answer: 53) Delta, a Canadian video game manufacturer, targets teens between the ages of 13 and 18, providing free game trials and applications. The firm's marketing approach exemplifies segmentation. A) age and life-cycle B) geographic C) occasion D) gender E) income Answer: 54) Market segments that can be effectively reached and served are said to be . A) measurable B) accessible C) substantial D) actionable E) profitable Answer: 55) By having over 90 different types of Tide detergent (stain remover, concentrate, scent, and HE liquid are just a few of the choices), Tide is trying to use a strategy. A) differentiated B) low cost C) confusing

Downloaded by David Bensoussan (david.m.bensoussan@gmail.com) D) niche E) concentrated Answer: 56) Although not recommended, some marketers decide to ignore market segmentation and tar- get the whole market with one offer. This is known as marketing. A) undifferentiated B) differentiated C) niche D) local E) individual Answer: 57) The marketing manager of Refresh Inc., a leading producer of soft drinks, is considering a differentiated marketing strategy. An important consideration is weighing increased sales against before selecting this strategy. A) decreased production B) increased demand C) increased costs D) decreased prices E) increased profits Answer: 58) Compared with undifferentiated marketing, differentiated marketing is more likely to lead to . A) reduced sales in each market segment B) weaker product position in each market segment C) higher costs of doing business D) redundancy in product design across market segments E) smaller market share in the industry Answer: 59) The surge in popularity of Canadian Craft Breweries like Beau's All Natural Brewing Co., Coulee Brew Co., Foghorn Brewing Company, and Persephone Brewing Co are primarily de- signed to meet the needs and wants of specific cities or regions. These are examples of marketing. A) differentiated B) mass C) niche D) local E) individual

Downloaded by David Bensoussan (david.m.bensoussan@gmail.com) D) cost to the customers E) benefits to the supplier Answer: 66) A is defined as a name, term, sign, symbol, or design, or a combination of these, that identifies the maker or seller of a product or service. A) prototype B) paradigm C) framework D) patent E) brand Answer: 67) Which of the following terms best describes the process of designing and producing a con- tainer or wrapper for a product? A) labeling B) positioning C) licensing D) packaging E) branding Answer: 68) In 2020, Tim Horton's announced that it was going back to basics, backing away from an in- creasingly long menu that confused customers and slowed production and output. This product line reduction is being pursued because managers can . A) decrease costs by adding items B) increase market share by adding items C) increase profits by dropping items D) decrease costs by dropping items E) increase profits by adding items Answer: 69) simply describes the appearance of a product. A) Filling B) Strengthening C) Mixing D) Style E) Widening Answer: 70) Which of the following is most likely a true statement about services? A) Services can be stored for later sale or use. B) Service quality is not dependent on the provider. C) Services can be easily separated from their providers. D) Service industries vary greatly. E) Demand fluctuation has little to no impact on service providers. Answer: SECTION 2 - MULTIPLE CHOICE & TRUE OR FASLE QUESTIONS

Downloaded by David Bensoussan (david.m.bensoussan@gmail.com) IMPORTANT INSTRUCTIONS: • SELECT AND ANSWER 3 OUT OF THE 6 QUESTIONS BELOW • Your answers show not exceed 150-200 words max . (30 points, 10 point per answer x 3 questions ) 1) How do companies use marketing techniques to respond to the changing diversity in the North American population? Provide examples to illustrate your response. A: The main sectors of the macroenvironment to consider are the demographics and cultural impacts. Demographic : It is important to ask questions such as: What are the fast growing new ethnic or religious groups in North America in the last decade. What do we know about their income, purchasing power, and geographical locations? This can determine specific markets a company can break into. This data can be obtained through marketing intelligence of publicly available demographic stats from government websites. With increased acceptance of lgbt movement, Disney and Netflix has been proactively engaging new and existing audiences that respond positively to this minority, by developing lgbt friendly programs, ads, and campaigns aimed at specific locations and accounts. This is an example of how targeting a select group in response to changing diversity is not limited to that diversity itself, but potentially to existing groups that have strong opinions about said group. They probably track online consumer behavior to source data Cultural : In what ways do these new minorities have different core and secondary cultural values than the current market we serve? What are their values and how can we address them? Data can be obtained through surveys, a popular choice for gathering primary data, or other forms of marketing research Growing immigration in Canada often includes immigrants with strong family values (immigrants of Arabic countries, immigrants of east-asian origins). Insurance providers like RBC and have developed family friendly insurance plans for this reason, aiming to reach this new demographic 2) Jimmy's Great Coffee has enjoyed strong national success serving fresh brewed coffee and homestyle baked goods. In the pursuit of sustained growth, the executive committee has determined that Jimmy's will expand internationally in the next two years and attrac- tive foreign markets must be identified. In addition to identifying potential markets and the necessary research that will be conducted in order to make better foreign expansion deci- sions, the marketing director must consider issues that may arise when developing a mar- ket research strategy. What does the marketing director need to consider when contemplat- ing a research strategy abroad? In regards to issue raised of concerns regarding research strategies abroad, some of the main